The Federal Government said on Thursday it has no intention to concession the Port Harcourt Refinery.
The government also said the planned revamping of the Port Harcourt Refinery would cost the country about $300 million.
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, made the clarification at a sitting of the Senate ad-hoc committee on “the planned concession of the Port Harcourt Refinery to Agip/Eni and Oando plc.”
The Chairman of the ad-hoc committee, Senator Abubakar Kyari, asked the minister to clarify the statement credited to him that the federal government was sourcing for investors to take over the Port Harcourt Refinery.
A member of the committee, Senator Dino Melaye, also asked Kachikwu to tell the committee whether the Memorandum of Understanding (MoU) on the concession had been signed.
Melaye wanted the minister to react to another report that approval for the concession had already been given by the federal government.
Kachikwu, in his response, said the government has not approved the concession of the Port Harcourt Refinery.
He, however, said government would no longer finance the turnaround maintenance of refineries in the country.